Moody’s changes Houston Foods view to stable

Moody’s Investors Service said it changed the outlook to stable from negative and affirmed the B3 corporate family rating and B3-PD probability of default rating of Houston Foods, Inc., borrower and subsidiary of holding company Dhanani Group Inc. Also, Moody’s affirmed Houston’s B2 senior secured bank facility ratings.

“The affirmation and change in outlook to stable from negative reflect the significant improvement in operating performance of the company’s Popeye’s restaurants which more than offset the negative operating trends of its Burger King and La Madeline locations and resulted in earnings and cash flow growth despite government restrictions imposed as a result of the pandemic,” stated Bill Fahy, a Moody’s senior credit officer, in a press release.

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